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Artificial Intelligence of Things (AIoT) Market to Reach USD 58.4 Billion by 2031, Growing at a CAGR of 24.6% | TMR Analysis
The global Artificial Intelligence of Things (AIoT) Market, encompassing components such as software/platforms and services and serving end-user verticals like BFSI, retail, automotive, healthcare, energy, manufacturing, and others, is projected to witness remarkable growth over the forecast period from 2023 to 2031. Valued at USD 8.4 billion in 2022, the market is estimated to expand at a robust CAGR of 24.6%, reaching USD 58.4 billion by the end of 2031.Market Overview: AIoT, a convergence of artificial intelligence (AI) and the Internet of Things (IoT), is driving a paradigm shift in various industries by enabling smarter, data-driven decision-making and automation. This synergy unlocks transformative capabilities such as predictive maintenance, real-time monitoring, and intelligent asset management, making it a cornerstone for digital transformation in businesses globally.
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Key Drivers of Growth
1. Increasing Demand for Real-time Data Analytics: The need for actionable insights derived from IoT-generated data has pushed organizations to adopt AIoT solutions. Enhanced decision-making, efficiency, and operational excellence are significant benefits driving adoption.
2. Growth of Smart Cities and Industry 4.0: AIoT is pivotal in the development of smart city infrastructure, automating utilities, transportation, and waste management systems. Similarly, Industry 4.0 applications are revolutionizing manufacturing through intelligent production processes.
3. Technological Advancements: Continuous advancements in AI algorithms, IoT sensors, edge computing, and 5G connectivity are improving the reliability and scalability of AIoT deployments.
4. Focus on Sustainability: AIoT-driven solutions for energy management and resource optimization are increasingly being adopted by organizations aiming to meet sustainability goals.
Regional Insights
• North America is anticipated to dominate the global market, driven by technological innovation, strong adoption of AIoT in industries, and the presence of key players.
• Asia Pacific is expected to witness the fastest growth, attributed to increasing investments in smart city projects and industrial automation in countries like China, India, and Japan.
• Europe remains a significant contributor, particularly in manufacturing, automotive, and energy sectors.
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Market Segmentation
The AIoT market is segmented into two primary components:
• Software/Platforms: Advanced analytics platforms, AI-based applications, and integrated IoT software.
• Services: Consulting, implementation, and managed services tailored to specific industries.
End-user verticals include BFSI, retail, automotive, healthcare, energy and utilities, manufacturing, transportation and logistics, and others, each leveraging AIoT to optimize operations and enhance customer experiences.
Key Players
Leading companies shaping the AIoT landscape include:
• Amazon Web Services (AWS)
• Google LLC
• IBM Corporation
• Microsoft Corporation
• Cisco Systems Inc.
• Oracle Corporation
• Hitachi, Ltd
• SAP SE
• PTC Inc.
• C3.ai, Inc.
• Autoplant System India Pvt. Ltd
• Softweb Solutions Inc. (An Avnet Company)
• Uptake Technologies Inc.
These organizations are investing heavily in R&D, strategic partnerships, and acquisitions to drive innovation and expand their market share.
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About Transparency Market Research
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